ASX Market Update: Shares slip with energy and IT in drag mode | 17 June, 2024

The Mining News Select and Future of Mining conference has kicked off at the Pan Pacific in Perth. This event provides investors with insights into key sector drivers and opportunities and we will be bringing you updates from the venue during the day.

Looking at the market, the ASX200 is trading down around 0.15%.

The utilities sector has seen the most growth today, up half a percent. On the other end, the energy and IT sectors have both declined by nearly one percent.

And China has released a series of economic updates.

House prices in the second largest economy have fallen 3.9%, beating more moderate forecasts of a 3.5% decline. Despite recent property stimulus efforts, these measures have yet to reverse the trend.

Industrial production figures were below expectations, showing a growth rate of 5.6% compared to an anticipated 6%.

However, retail sales in May were higher than expected, coming in at 3.7%, beating expectations for 3% growth. 

This data follows China’s recent announcement that its economy has entered a deflationary phase, which could impact demand for Australian exports.

Company News

Tabcorp Holdings (ASX:TAH) has announced the appointment of former AFL boss Gillon McLachlan as the new Managing Director and CEO of Tabcorp, effective from early August.

Mr McLachlan joins Tabcorp after a decade as CEO of the AFL.

TAH has been trading at 64.8 cents.

ANZ-Indeed jobs ads data for the month of May has come in lower than expected. 

Ads fell -2.1% last month, despite expectations for a more moderate decline of -1.2%.

The data follows recent numbers from Indeed competitor Seek, showing job ads declined nearly -20% year-on-year in May of 2024. 

ANZ is down slightly, trading at $28.74..

Emerson Resources (ASX:ERM) shot up 23% this morning, after it announced that its joint venture partner, Tennant Consolidated Mining Group, has started construction of the Nobles CIL gold processing facility at Tennant Creek.

Tennant Mining plans to complete construction and commissioning of its facility in the second quarter of 2025, with commercial production to follow in the third quarter of 2025.

ERM has been trading at 5.3 cents.